Ethereum’s native token, Ether (ETH), could reach back to $3,000 in March, backed by a mix of short-term technical, fundamental and on-chain catalysts.
ETH’s price paints “symmetrical triangle”
The first interim bullish outlook for Ether ironically comes from a bearish continuation pattern.
Notably, ETH’s 50%-plus decline from its all-time high of around $4,650 on Dec. 2, 2021, followed up with forming a consolidation channel called a symmetrical triangle. Thus, the Ethereum token has been fluctuating between a falling upper trendline and a rising lower trendline since the beginning of this year.
ETH/USD last retested the triangle’s lower trendline as support on March 14 near $2,500, following a sharp correction after finding sellers near the 20-day exponential moving average (20-day EMA; the green wave in the chart above).
Since then, ETH’s price has rebounded by as much as 9.26%, closing above the 20-day EMA resistance on March 16 to reach almost $2,750.
A decisive rebound move, accompanied by a rise in trading volumes, could have Ether eye the triangle’s upper trendline as its next upside target near $3,000.
On March 15, Ethereum developer Tim Beiko announced that they have successfully tested the “Merge” on the Kiln testnet, raising speculations that the protocol would completely switch from proof-of-work to proof-of-stake in Q2/2022.
And it seems to have worked Post-merge blocks are being produced by validators, and they contain transactions!